Estimated pivot point is at a level of 1.0578.

Our opinion: Buy the pair from correction above the level of 1.0578 with a target of 1.0720 – 1.0812. Sell the pair with a target of 1.04 – 1.0343 in case the level of 1.0578 is broken.

Alternative scenario: Breakout and consolidation below the level of 1.0578 will allow the pair to continue declining to the levels of 1.04 – 1.0343.

Analysis: Supposedly, an ascending correction in a form of the fourth wave is forming at the moment. Apparently, a wave c of (iv) is developing locally. If the presumption is correct, the pair is logically expected to continue growing to the levels of 1.0720 – 1.0812. The level 1.0578 is critical in this scenario.



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